Dictionary of Real Estate Terms: homeowner's (insurance) policy
homeowner's (insurance) policy
an insurance policy designed especially for homeowners. Usually protects the owner from losses caused by most common disasters, theft, and liability. Coverage and costs vary widely.
Example: Whitman acquired a homeowner's policy for an annual premium of $1,500. It insures her home from fire losses (up to $250,000), theft (of household goods, excluding jewelry, paintings, stamp collections, silverware), and gives up to $500,000 of liability protection.
